This article is from the Australian Property Journal archive
A PRIVATE investment company has snapped up the Victorian processing facility of Mrs Crocket's – Australia’s largest manufacturer and supplier of pre-packaged salads, for $6 million.
Precedent Investments Pty Ltd acquired the 20 Gilbertson Rd, Laverton facility in a deal whichreflects an initial yield of 8.3%.
The facility was listed for sale following this year’s sale of the Mrs Crocket’s business to Comgroup Supplies, a food processing arm of the Jack Cowin-owned Competitive Foods.
The facility is situated in close proximity to Melbourne’s freeway network. In addition, there is significant future development potential given that the existing 4,438 sqm facility covers just 13% of the 3.349ha site.
Selling agent CBRE associate director, industrial investment properties, Gab Pascuzzi said the sale had attracted eight expressions of interest and is the latest sign of renewed activity in the Melbourne industrial market.
Pascuzzi said the length of the lease had been a significant drawcard.
Under the terms of the sale, the property was retained by Opla Investments Pty Ltd. The facility was subsequently listed for sale based on a long term, 15-year lease to Comgroup, one of Australia’s largest and most diversified manufacturing and marketing organisations.
Australian Property Journal
